PNB Scam

With PNB detecting a whopping Rs.11,400 crore scam through the issue of fraudulent letters of undertaking (LOUs), India has witnessed a massive financial scam after a gap. Coming as it is in a time when Indian banking is riding on the wings of advanced technology and when robust systems are believed to have been put in place in the banking system, the scam has a potential danger inasmuch as it is posing serious questions on the safety of banks. History has taught us that cracks on the credibility of banking system have the potential to strike at the roots of the economy. The country has the right to know how such a scam has been perpetrated and PNB should bring to book the real culprits. There should be no laxity in fixing the staff involvement and staff lapse, if any, in this massive financial fraud.